Heres an article from Bloomberg.com on the situation in S.A. mines.
http://www.bloomberg.com/apps/news?pid=20601116&sid=a57kC.QAw6LQ&refer=africa
"South Africa Mining Output Falls by Most in a Decade (Update4)
By Carli Lourens
March 13 (Bloomberg) -- South Africa, the world's biggest precious metals producer, said mining output fell by the most in at least a decade in January after a national power shortage shut mines for five days.
Total mine production dropped 11 percent in the month from a year earlier while gold output plunged 17 percent, Pretoria- based Statistics South Africa, the national statistics agency, said today on its Web site. Non-gold output fell 9.6 percent.
A near collapse of the system at state power utility Eskom Holdings Ltd. closed most mines in Africa's biggest economy. That sent platinum and gold prices to records, helping AngloGold Ashanti Ltd., Anglo Platinum Ltd. and Impala Platinum Holdings Ltd. to make up for production losses.
``It's massive,'' Colen Garrow, chief economist at Johannesburg-based Brait SA Ltd., said of January's decline in output. ``The mining sector has been the most aggressively affected by outages.''
Power shortages may trim platinum output in South Africa by 500,000 ounces this year, Barclays Capital said last month. South African platinum production accounts for about three- quarters of global output and the country is the world's second- biggest gold producer, after China.
Gold Fields Ltd., Africa's second-biggest gold producer, last month said it may cut 6,900 jobs, or 13 percent of its South African workforce, because of limited power supplies.
Power Limits
``The sector got a terrible shock,'' Fanie Joubert, an economist at the Pretoria-based Efficient Group Ltd., said by phone from the city today. ``There was a very immediate, very negative effect from the power outages.''
Eskom last month said mines would have to operate at 90 percent of normal usage until the first major new power plant starts up in about four years. The utility is boosting that to an average of 95 percent after threats of job cuts.
``At the current prices, you'd want mines to be producing at 120 percent,'' Joubert said. Prices would have been ``strong'' even if the effects of power cuts were excluded, he added.
Platinum-group metals production fell 16 percent in January month while coal output slumped 13 percent, the Chamber of Mines of South Africa said in an e-mailed statement.
``The electricity emergency hit the mining industry hard,'' said the Johannesburg-based industry body, which represents most mining companies operating in the country.
Hit Hard
South Africa's mining industry accounted for 5.5 percent of the country's gross domestic product in the fourth quarter of last year and employed more than 455,000 workers in December.
The country's mineral sales rose 22 percent to 21.41 billion rand ($2.7 billion) in December as metal prices rose, Statistics South Africa said. The agency will publish sales figures for January next month.
Gold gained 28 percent to an average $807.11 an ounce in December in London from a year earlier, while platinum climbed by a third to an average $1,496.15 an ounce.
To contact the reporter on this story: Carli Lourens in Johannesburg at
clourens@bloomberg.net
Last Updated: March 13, 2008 10:37 EDT"
Also Platinum American Eagles on usmint.gov website have sold out before the gold eagles. First time I've seen that happen.
Thats a skill I must aquire. Not right now
might make my hair start to fall out.There are some good people up in here with differnet trading styles and knowledge in different areas. I think every pick posted has had positive returns at some time. Props.
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